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Understanding Your TFSA Contribution Room in 2026

A Tax‑Free Savings Account (TFSA) is one of Canada’s most flexible and powerful savings tools, but figuring out your exact contribution room can feel like solving a puzzle. A clear breakdown makes it much easier. How TFSA Contribution Room Works Your available room is made up of three parts: Annual TFSA limit for the current year Unused contribution room from previous years Withdrawals from previous years (added back the following January) For 2026, the annual TFSA limit is $7,000 . Step‑by‑Step: How to Calculate Your Room Use this simple formula: [ \text{TFSA Room} = \text{Unused Room from Prior Years} + \text{Current Year Limit} + \text{Withdrawals from Last Year} ] A quick example: Unused room from past years: $18,000 2026 limit: $7,000 Withdrawals made in 2025: $4,000 [ \text{Total Room} = 18,000 + 7,000 + 4,000 = 29,000 ] That means you could contribute $29,000 in 2026 without penalty. A Few Helpful Notes Over‑contributions lead to penalties, so it’s worth...
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Maximizing Your Tax Return: Uncover Hidden Deductions for 2024

 

Getting the most out of your tax return can feel like an early spring bonus. Whether you’re a seasoned taxpayer or a newcomer, there are lesser-known deductions that could significantly impact your bottom line. 

While the Canada Revenue Agency (CRA) has made filing expenses for people who work from home more complicated this year, there are still plenty of tax-deductible expenses that Canadians might be missing out on:

  • Children’s Summer Camps: Yes, you can claim credits for those enriching summer experiences.
  • Investment Expenses: If you have non-registered investment accounts, don’t overlook these costs.
  • Alimony Payments: If you’re making alimony payments, they may be deductible.
  • Moving Costs: Certain circumstances allow you to claim moving expenses.
  • Canadian employment amount: You can get credit for uniforms, work supplies, and more, up to $1,368 per year. Plus, if you subscribe to a Canadian news source, you can write off the cost of your subscription. 
  • Charitable donations: offer excellent tax benefits, especially for high-income earners. 
  • Contributing to your Registered Retirement Savings Plan (RRSP): is a powerful way to boost your refund and save for retirement. Here’s the magic number: aim for 18% of your income, up to the maximum of $30,780. Be strategic about how much you contribute to retirement savings accounts and charities—this could be the difference between owing the government money or getting a refund.

Remember, every dollar saved through deductions and credits adds up. So, dive into the lesser-known deductions, make smart RRSP contributions, and unlock hidden tax benefits. 

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